16. (8 points) (8 points) Transatlantic Corporation is contemplating buying a new machine that will cost $80,000 and last for four years. The new machine will enable the company to reduce its labor cost by $23,000 per year. At the end of the four-year period, the company will sell the machine for its salvage value of $6,000. Transatlantic Corporation requires a minimum pretax return of 9% on all investment projects. Should the machine be purchased? Show your computations. 6